ICD to Submit Documents on Establishment of Joint Enterprise to Azerbaijan Investment Company
Azerbaijan, Baku / Trend corr I. Khalilova / Azerbaijan Investment Company JSC (AIC) is expecting documents from the Islamic Corporation for Development of Private Sector (ICD), an affiliate of the Islamic Development Bank (IDB), in September regarding establishment of joint investment company in Azerbaijan, according to the Executive Director of AIC, Anar Akhundov. The documents will be submitted to the Supervisory Board for investment decision to be taken.
The authorized capital of the new organization has not been agreed upon yet. "The authorized capital is a matter of discussion and depends on the projects to be jointly financed," Akhundov said.
The investment company will be established with AIC (10%). The primary capital of the company was previously established at $90-100mln, but the head of AIC considers it efficient to begin with $10mln.
Establishment of the company was initiated by Islamic Development Bank, Ahmad Mohammad Ali, within the framework of investment conference including Arabic institutes and investors held in Baku on 8-9 November, 2006.
Since 1992 IDB has financed 26 projects in the sum of $250mln in Azerbaijan, while ICD opened credit lines to Azerbaijani banks in the sum of $10mln.